Ford Inc, exchanged land and $7,500 cash for material handling equipment. The land had a book...
Problem 4. Ford Inc. exchanged land and $7,500 cash for material handling equipment. The land had a book value of $75,000 and a fair value of $105,000. Required: 1. Prepare the journal entry to record the exchange. Assume the exchange has commercial substance. 2. Prepare the journal entry to record the exchange. Assume the exchange lacks commercial substance. Problem 4. Ford Inc. exchanged land and $7,500 cash for material handling equipment. The land had a book value of $75,000 and...
The Bronco Corporation exchanged land for equipment. The land had a book value of $125.000 and a fair value of $160,000. Bronco paid the owner of the equipment $15,000 to complete the exchange which has commercial substance Required: 1. What is the fair value of the equipment? 2. Prepare the journal entry to record the exchange. 7 points Complete this question by entering your answers in the tabs below. 013927 Required 1 Required 2 What is the fair value of...
The Bronco Corporation exchanged land for equipment. The land had a book value of $120,000 and a fair value of $150,000. Bronco received $10,000 from the owner of the equipment to complete the exchange which has commercial substance. Required: 1. What is the fair value of the equipment? 2. Prepare the journal entry to record the exchange.
The Bronco Corporation exchanged land for equipment. The land had a book value of $132,000 and a fair value of $174,000. Bronco received $22,000 from the owner of the equipment to complete the exchange which has commercial substance. Required: 1. What is the fair value of the equipment? 2. Prepare the journal entry to record the exchange.
The Tinsley Company exchanged land that it had been holding for future plant expansion for a more suitable parcel located farther from residential areas. Tinsley carried the land at its original cost of $43,750. According to an independent appraisal, the land currently is worth $105,000. Tinsley paid $15,000 in cash to complete the transaction. Required: 1. What is the fair value of the new parcel of land received by Tinsley assuming the exchange has commercial substance? 2. Prepare the journal...
The Bronco Corporation exchanged land for equipment. The land had a book value of $120,000 and a fair value of $150,000. Bronco paid the owner of the equipment $10,000 to complete the exchange which has commercial substance 100 Dates Required: 1. What is the fair value of the equipment? 2. Prepare the joumal entry to record the exchange.
The Bronco Corporation exchanged land for equipment. The land had a book value of $136,000 and a fair value of $182,000. Bronco received $26,000 from the owner of the equipment to complete the exchange which has commercial substance. Required: 1. What is the fair value of the equipment? 2. Prepare the journal entry to record the exchange. Skipped eBook Complete this question by entering your answers in the tabs below. Print References Required 1 Required 2 What is the fair...
The Bronco Corporation exchanged land for equipment. The land had a book value of $123,000 and a fair value of $156,000. Bronco received $13,000 from the owner of the equipment to complete the exchange which has commercial substance. Required:1. What is the fair value of the equipment?2. Prepare the journal entry to record the exchange.
The Bronco Corporation exchanged land for equipment. The land had a book value of $123,000 and a fair value of $156,000. Bronco paid the owner of the equipment $13,000 to complete the exchange which has commercial substance. Required:1. What is the fair value of the equipment?2. Prepare the journal entry to record the exchange.
The Tinsley Company exchanged land that it had been holding for future plant expansion for a more suitable parcel located farther from residential areas. Tinsley carried the land at its original cost of $87,500. According to an independent appraisal, the land currently is worth $210,000. Tinsley paid $30,000 in cash to complete the transaction. Required: 1. What is the fair value of the new parcel of land received by Tinsley assuming the exchange has commercial substance? 2. Prepare the journal...